UnitedHealth Rises on Strong Earnings While United Airlines Slides on Higher Oil Prices
Last week, the Opportunity Equity Strategy’s representative account fell -0.82%, underperforming the S&P 500’s 0.36% loss. (Exhibit 1). The strategy ended the week up 12.10% YTD, 128 basis points behind the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 10/16/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (10/09-10/16) | -0.82% | -0.36% |
| MTD | -2.51% | 0.56% |
| QTD | -2.51% | 0.56% |
| YTD | 12.10% | 13.38% |
| 1 Year | 18.73% | 16.75% |
| 3 Year | 31.44% | 23.18% |
| 5 Year | 7.37% | 12.81% |
| 10 Year | 13.28% | 15.51% |
| Inception (annualized since 6/26/00) | 8.67% | 8.51% |
Source: Bloomberg, Patient Capital Management.
Royalty Pharma plc (RPRX) broke above its 50-day and 100-day moving averages on limited news.UnitedHealth Group (UNH) reclaimed its 50-day and 100-day moving averages following a beat-and-raise quarter. Revenue reached $112.7B vs. $111.0B expected, while EPS came in at $4.56 vs. $3.83 expected. The company also raised its FY2026 EPS guidance from a midpoint of $18.70 to over $19.50. Goldman Sachs raised its price target from $490 to $506 (26% upside), citing a faster-than-expected recovery in Medicare Advantage margins and additional earnings potential from Optum Health and Medicaid. Goldman views the quarter as further evidence that the cyclical recovery is underway.
CVS Health Corp (CVS) crossed back above its 50-day and 200-day moving averages following UNH’s strong earnings report.
Crocs, Inc. (CROX) pushed through its 50-day moving average after Barclays raised its price target from $118 to $139 (13% upside) and upgraded the stock from Equal Weight to Overweight. Barclays sees improving visibility into sustainable revenue growth, driven by product innovation, international expansion, and a potential HEYDUDE turnaround. New products beyond the Classic Clog are gaining traction, while the company remains in the early stages of expansion across key markets, including China, India, and Western Europe.
Adyen N.V. (ADYEN NA) recaptured its 100-day moving average on limited news.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 10/09/2026 - 10/16/2026
| Name | Type | Net Return |
| Royalty Pharma plc | Equity | 7.1% |
| UnitedHealth Group | Equity | 5.8% |
| CVS Health Corp | Equity | 7.2% |
| Crocs, Inc. | Equity | 7.1% |
| Adyen N.V. | Equity | 7.5% |
Source: Patient Capital Management. See below for additional information.
Precigen, Inc. (PGEN) slid through its 50-day moving average on limited news.
Nvidia Corp. (NVDA) dropped below its 50-day and 100-day moving averages amid broader AI trade concerns as CoreWeave’s bond spreads widened sharply. Nvidia CEO Jensen Huang downplayed the concerns, highlighting CoreWeave’s improving financial health and reiterating his belief that AI’s benefits will outweigh investors’ concerns.
Amazon.com, Inc. (AMZN) fell through its 50-day and 100-day moving averages. Wells Fargo maintained its Overweight rating but lowered its price target from $338 to $329 (32% upside) after reducing FY2026–FY2028 operating margin estimates to reflect higher-than-expected fuel prices.
United Airlines Holdings, Inc. (UAL) moved lower as WTI crude oil rose 10.4%. UBS maintained its Buy rating but lowered its price target from $146 to $139 (45% upside).
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 10/09/2026 - 10/16/2026
| Name | Type | Net Return |
| Precigen, Inc. Warrant 2034 | Derivative | -19.8% |
| Precigen, Inc. | Equity | -18.2% |
| Nvidia Corp | Equity | -6.6% |
| Amazon.com, Inc. | Equity | -4.7% |
| United Airlines Holdings, Inc. | Equity | -10.6% |
Source: Patient Capital Management. See below for additional information.
1The performance figures for the representative Opportunity Equity account reflect the deduction of investment management fees and certain other expenses. For additional information about Opportunity Equity Strategy performance, please click on the Opportunity Equity Strategy Composite Performance.
Past performance is no guarantee of future results.
2Significant Contributors and Detractors are based on holdings that had the greatest effect on representative account performance for the week. Holdings that have been in the portfolio since the end of the most recent calendar quarter are identified by name. The net return shown above for each individual security represents the change in market price of the security during the week, according to a third-party pricing service, or for the partial period held in the portfolio during the week. Net returns also include any purchases or sales that were made during the week. For information on how Contributor/Detractor data were calculated and a list showing the contribution to the Strategy’s weekly performance of each investment held at such quarter end, contact us.
Any views expressed are subject to change at any time, and Patient Capital Management disclaims any responsibility to update such views. There is no guarantee that market trends discussed herein will continue. The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. Past performance is no guarantee of future results, and there is no guarantee dividends will be paid or continued. References to specific securities are for illustrative purposes only. Portfolio composition is shown as of a point in time and is subject to change without notice. Content may not be reprinted, republished or used in any manner without written consent from Patient Capital Management.
©2026 Patient Capital Management, LLC
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